PUMA switches to a licensing model with United Legwear Company LLC in the USA and Canada

PUMA switches to a licensing model with United Legwear Company LLC in the USA and Canada

PUMA will move from a partnership to a licensing agreement with its long-standing partner United Legwear Company LLC (ULAC), allowing the company to sell PUMA products – primarily socks and underwear, but also children’s apparel and accessories – in the United States and Canada. This change took effect on November 1, 2025.

The shift from a partnership to an exclusive licensing agreement is part of PUMA’s strategic priorities to reduce the complexity of its business model in North America and to sharpen its focus on its core business in the region. The long-standing 25-year business relationship between PUMA and ULAC will also be further strengthened. As part of its third-quarter business results on October 30, PUMA had already announced that it initiated a reset phase in 2025 and is optimizing its distribution. At that time, PUMA also stated that it was considering a switch to a licensing model with United Legwear.

The transition to a licensing model is in line with common practice in North America, where the production and sale of socks and underwear are typically licensed to third parties. With this change, PUMA aims to establish a leaner, more efficient business model while maintaining its strong brand presence in these categories with its long-term partner. This decision also increases transparency for investors and the capital market, as it enables clearer financial reporting.

As a result of this adjustment, PUMA United will be classified as a discontinued operation in PUMA’s financial reporting starting in November 2025. Accordingly, the figures for the current year and the previous period will be adjusted, with the expenses and income, assets, and liabilities of PUMA United reported separately from continuing operations. In the 2024 financial year, the revenue from PUMA United included in the PUMA Group amounted to €427.9 million, while the result attributable to non-controlling interests was €60.7 million.